Cryptocurrency prices see significant uptick during trading
Date
9/22/2024 8:15:21 AM
(MENAFN) Cryptocurrency prices saw a significant uptick during trading yesterday, indicating a sustained recovery in the market after the US Federal Reserve's decision to reduce interest rates.
Bitcoin experienced a slight increase of 0.24percent , bringing its value to $63,534.84. In contrast, Ethereum saw a more robust gain of 3.31percent , reaching $2,548.20. Solana's coin also surged, rising 5.27percent to hit $151.16, while Ripple experienced a minor setback, dropping 0.67percent to settle at 58.84 cents.
The recent upward trend in the cryptocurrency market has been largely driven by the commencement of monetary easing in the US. This has not only boosted cryptocurrency prices but has also had a positive effect on the stocks of companies linked to Bitcoin. For instance, the stock of Coinbase rose by 3.44percent during Thursday's trading session, and further increased by 0.81percent in after-hours trading, reaching USD169.60.
Additionally, Microstrategy, a company known for its close correlation with Bitcoin's price movements, also enjoyed substantial gains. The company’s stock jumped by 9percent by the end of Thursday’s trading session, followed by an additional rise of 0.37percent in after-hours trading.
Earlier this week, Bitcoin briefly surpassed the $64,000 threshold, buoyed by Japan's decision to keep its key interest rate steady. This action is viewed as a strategy to stabilize risky asset markets and avoid the turbulence that occurred in early August, when interest rates were unexpectedly raised.
As the cryptocurrency market continues to respond to changes in monetary policy, investors are keenly watching for any developments that could impact future price trends and overall market health. The current momentum suggests a rising optimism among traders, as lower interest rates generally promote investment in riskier assets, such as cryptocurrencies. This environment may foster further growth in the market as investors seek opportunities amidst shifting economic conditions.
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